(Reuters) – Energy firms are using a chunk of their bumper quarterly profits from surging natural gas and fuel prices to reward shareholders with higher dividends and share buybacks.
The top 25 North American oil and gas companies by market capital posted a combined profit of $70.04 billion for the quarter ended Sept. 30, 186.3% higher than a year earlier, according to Refinitiv data.
However, the record profits have renewed calls for a windfall tax, especially as sky-rocketing prices have fueled inflation around the globe.
Below are some of the companies that have announced higher dividends and repurchases in recent weeks:
Valero Energy Corp
Dividend: Increased quarterly dividend by 4.1% to $1.02 per share
Net Income in latest quarter: More than tripled to $3.11 bln
EXXON MOBIL CORP
Dividend: Q4 per-share dividend of 91 cents, up 3 cents
Net Income in latest quarter: Jumped 191.2% to $19.66 bln
CHEVRON CORP
Dividend: Q4 per-share dividend of $1.51, up 9 cents
Share buyback: Raised existing share repurchase authorization by $50 bln
Net Income in latest quarter: Jumped 89.6% to $10.78 bln
CONOCOPHILLIPS
Dividend: 11% increase to quarterly ordinary dividend
Share buyback: Raised existing share repurchase authorization by $20 bln
Net Income in latest quarter: Rose 87.5% to $4.5 bln
CHESAPEAKE ENERGY CORP
Dividend: Increased total quarterly dividend to $3.16/shr from $2.32/shr
Net Income in latest quarter: Stood at $883 mln, compared with $345 mln year-ago loss
BAKER HUGHES CO
Dividend: Increased quarterly dividend by 5.5% to 19 cents per share
Share buyback: Authorized an additional $2 bln
Net Income in latest quarter: Net loss of $17 mln on restructuring charges, compared to a profit of $8 mln a year earlier
SLB (formerly Schlumberger)
Dividend: To raise quarterly dividend by 43% next year
Share buyback: To resume a share repurchase program
Net Income in latest quarter: Rose 65% to $907 mln
MARATHON PETROLEUM CORP
Dividend: Increased dividend by 30% to 75 cents/shr
Share buyback: Expects to commence share repurchases in November using the remaining $5 bln authorization
Net Income in latest quarter: Rose 545% to $4.5 bln
PHILLIPS 66
Share buyback: Plans to return up to $12 bln more to shareholders by end-2024 through dividends and buybacks
Net Income in latest quarter: Jumped 1241% to $5.4 bln
MARATHON OIL CORP
Dividend: Expects to raise base dividend by an additional 11% after closing the purchase of Ensign
Net Income in latest quarter: Climbed 344% to $817 mln
EOG RESOURCES INC
Dividend: Raised regular dividend by 10%, $1.50/shr special dividend
Net Income in latest quarter: Rose 160.6% to $2.85 bln
APA CORP
Dividend: Doubled quarterly dividend to an annualized rate of $1.00/shr
Net Income in latest quarter: Stood at $422 mln, compared with a loss of $113 mln
COTERRA ENERGY INC
Dividend: Increased dividend by 3 cents to 68 cents/shr
Net Income in latest quarter: Surged 1768.75% to $1.2 bln
PATTERSON-UTI
Dividend: Doubled quarterly cash dividend to 8 cents/shr
Share buyback: Increased share repurchase authorization to $300 mln
Net Income in latest quarter: Rose 181% to $61.5 mln
TEXAS PACIFIC LAND CORP
Share buyback: Approved purchase of up to $250 mln worth of shares
Net Income in latest quarter: Rose 55% to $129.8 mln
CANADIAN NATURAL RESOURCES LTD
Dividend: Raised quarterly dividend by 13% to 85 Canadian cents/shr
Net Income in latest quarter: Rose 27.7% to C$2.81 bln
Cenovus Energy Inc
Dividend: Announced a variable dividend of C$0.114
Share buyback: Plans to renew repurchase program
Net Income in latest quarter: Climbed 192% to C$1.61 bln
IMPERIAL OIL
Dividend: Raised quarterly dividend by 29% to 44 Canadian cents/shr
Share buyback: Announced a C$1.5 bln substantial issuer bid to buy back shares
Net Income in latest quarter: Rose 123.6% to C$2.03 bln
TOURMALINE OIL CORP
Dividend: Announced a special dividend of C$2.25/shr; raised quarterly dividend by 11% to 25 Canadian cents/shr
Net Income in latest quarter: Rose 481% to C$2.09 bln
(Reporting by Sourasis Bose, Ankit Kumar and Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
